Micron Technology (NASDAQ:MU) Stock Price Down 7.7% Following Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU)’s stock price fell 7.7% during trading on Friday after Rosenblatt Securities lowered their price target on the stock from $250.00 to $200.00. Rosenblatt Securities currently has a buy rating on the stock. Micron Technology traded as low as $94.06 and last traded at $95.11. 25,298,804 shares traded hands during mid-day trading, an increase of 11% from the average session volume of 22,697,759 shares. The stock had previously closed at $103.00.

Other equities analysts also recently issued research reports about the stock. Piper Sandler dropped their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. The Goldman Sachs Group lowered their target price on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. TD Cowen lowered their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Needham & Company LLC lowered their target price on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Finally, Stifel Nicolaus lowered their target price on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $134.32.

Insider Activity at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stonebrook Private Inc. raised its position in Micron Technology by 4.2% during the third quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock worth $255,000 after acquiring an additional 98 shares during the last quarter. John G Ullman & Associates Inc. raised its position in Micron Technology by 2.5% during the third quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock worth $421,000 after acquiring an additional 100 shares during the last quarter. Trivant Custom Portfolio Group LLC raised its position in shares of Micron Technology by 20.0% in the fourth quarter. Trivant Custom Portfolio Group LLC now owns 600 shares of the semiconductor manufacturer’s stock valued at $50,000 after buying an additional 100 shares during the last quarter. Xcel Wealth Management LLC raised its position in shares of Micron Technology by 1.8% in the fourth quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer’s stock valued at $518,000 after buying an additional 108 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its position in shares of Micron Technology by 3.8% in the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer’s stock valued at $250,000 after buying an additional 108 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Trading Down 8.6 %

The business’s 50-day moving average price is $96.92 and its two-hundred day moving average price is $98.22. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The firm has a market cap of $104.84 billion, a price-to-earnings ratio of 27.18 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company’s revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.42 earnings per share. Equities analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.